Glencore joins Project Vault with $500M cobalt commitment for US stockpile

Glencore committed $500 million to Project Vault, a US government-backed critical minerals stockpile initiative, becoming the fourth supplier after Hartree Partners, Mercuria Americas, and Traxys. The program, backed by a $10-billion EXIM loan, aims to secure supply chains for defense and energy transition. This expands US efforts to reduce reliance on China for critical minerals, though the strategic impact depends on total volumes and delivery timelines.